U.S. auto sales improved more than expected in March after two months when weather slashed demand. The better-than-estimated results come as welcome relief to automakers that endured two months of quiet dealerships as blizzards and frigid temperatures kept tire-kickers homebound.
Ford Motor Co. (NYSE:F), the second-largest U.S. automaker, climbed 3.2 percent to $16.11 after March sales topped estimates. Deliveries rose 3.3 percent to 243,417 cars and light trucks last month. Ford’s F-Series pickups rose 5.1 percent to 70,940, while Fusion sales increased 8.8 percent to 32,963. Ford today forecast a sales pace of about 16.5 million, including medium-duty and heavy trucks, which typically account for at least 200,000 sales annually.
General Motors Co. (NYSE:GM), the largest U.S. automaker, gained 1.5 percent to $34.94. GM is projected to report a 0.8 percent increase in U.S. March sales. The Detroit-based automaker has announced almost 7 million recalls worldwide already this year, including the 2014 Chevrolet Silverado and GMC Sierra pickups equipped with 6-speed transmissions. GM’s results, originally scheduled to be released at 9:30 a.m. New York time, will be delayed “several hours” because of a computer system issue, the company said today in an e-mailed statement. GM said it expects to report before the close of business.
American depositary receipts of Toyota Motor Corp. (NYSE:TM), the world's largest automaker, inched up 0.2 percent to $113.14. Toyota deliveries in March rose 4.9 percent to 215,348 cars and light trucks, the company said in a statement. That beat projections of a 1.3 percent gain. “Solid March sales pushed first-quarter industry results ahead of last year’s pace despite one of the harshest winters on record,” Bill Fay, group vice president of the Toyota division, said in a statement. “Toyota dealers had their two best sales weekends of the year late in the month, and we’re optimistic that momentum will spring us into April.”
ADRs of Fiat SpA (OTCMKTS:FIATY), the Turin, Italy based company which owns U.S. automaker Chrysler Group LLC, jumped 3.9 percent to $12.13. Chrysler deliveries rose 13 percent in March to 193,915 for a 48th straight monthly gain. The third-largest U.S. automaker beat the average of eight analysts, who projected an expansion of 10 percent. Ram pickup sales rose 26 percent to 42,532, Fiat sales gained 24 percent to 4,738 and Chrysler’s Jeep brand increased 47 percent. Chrysler finished the month with 71 days supply of inventory, down from 85 days at the end of February. “We are entering the spring selling season on a high note as our Jeep and Fiat brands recorded their best sales months ever and Chrysler Group extended its streak in March to 48 consecutive months of year-over-year sales increases” Reid Bigland, the company’s U.S. sales chief, said in a statement.
Nissan Motor Co. (OTCMKTS:NSANY), Japan's second-largest automaker, advanced 1 percent to $18.05. Nissan said March sales jumped 8.3 percent to 149,136 vehicles, a monthly record, according to a company statement. That matched analysts' projection of unchanged sales. Nissan reported record sales of crossover utility vehicles, such as the Rouge small SUV, which posted record monthly deliveries of 19,420. “Crossovers are booming, with sales of Nissan crossovers up more than 25 percent so far in 2014,” Fred Diaz, Nissan’s U.S. marketing chief, said in the statement.
ADRs of Volkswagen AG (OTCMKTS:VLKAY), Europe's largest automaker, added 0.6 percent to $51.09. The German company said its VW brand sales, excluding Audi, fell 2.6 percent in March to 36,717 cars and light trucks. While its Jetta sedan deliveries rose 6.3 percent to 13,687, sales of its Tiguan small SUV plunged 30 percent to 2,315.
Mitsubishi Motors Corp (OTCMKTS:MMTOF) had its best sales month since August 2008. Its March U.S. sales rose 70 percent to 8,996 vehicles.
Reported by Proactive Investors 8 hours ago.
Ford Motor Co. (NYSE:F), the second-largest U.S. automaker, climbed 3.2 percent to $16.11 after March sales topped estimates. Deliveries rose 3.3 percent to 243,417 cars and light trucks last month. Ford’s F-Series pickups rose 5.1 percent to 70,940, while Fusion sales increased 8.8 percent to 32,963. Ford today forecast a sales pace of about 16.5 million, including medium-duty and heavy trucks, which typically account for at least 200,000 sales annually.
General Motors Co. (NYSE:GM), the largest U.S. automaker, gained 1.5 percent to $34.94. GM is projected to report a 0.8 percent increase in U.S. March sales. The Detroit-based automaker has announced almost 7 million recalls worldwide already this year, including the 2014 Chevrolet Silverado and GMC Sierra pickups equipped with 6-speed transmissions. GM’s results, originally scheduled to be released at 9:30 a.m. New York time, will be delayed “several hours” because of a computer system issue, the company said today in an e-mailed statement. GM said it expects to report before the close of business.
American depositary receipts of Toyota Motor Corp. (NYSE:TM), the world's largest automaker, inched up 0.2 percent to $113.14. Toyota deliveries in March rose 4.9 percent to 215,348 cars and light trucks, the company said in a statement. That beat projections of a 1.3 percent gain. “Solid March sales pushed first-quarter industry results ahead of last year’s pace despite one of the harshest winters on record,” Bill Fay, group vice president of the Toyota division, said in a statement. “Toyota dealers had their two best sales weekends of the year late in the month, and we’re optimistic that momentum will spring us into April.”
ADRs of Fiat SpA (OTCMKTS:FIATY), the Turin, Italy based company which owns U.S. automaker Chrysler Group LLC, jumped 3.9 percent to $12.13. Chrysler deliveries rose 13 percent in March to 193,915 for a 48th straight monthly gain. The third-largest U.S. automaker beat the average of eight analysts, who projected an expansion of 10 percent. Ram pickup sales rose 26 percent to 42,532, Fiat sales gained 24 percent to 4,738 and Chrysler’s Jeep brand increased 47 percent. Chrysler finished the month with 71 days supply of inventory, down from 85 days at the end of February. “We are entering the spring selling season on a high note as our Jeep and Fiat brands recorded their best sales months ever and Chrysler Group extended its streak in March to 48 consecutive months of year-over-year sales increases” Reid Bigland, the company’s U.S. sales chief, said in a statement.
Nissan Motor Co. (OTCMKTS:NSANY), Japan's second-largest automaker, advanced 1 percent to $18.05. Nissan said March sales jumped 8.3 percent to 149,136 vehicles, a monthly record, according to a company statement. That matched analysts' projection of unchanged sales. Nissan reported record sales of crossover utility vehicles, such as the Rouge small SUV, which posted record monthly deliveries of 19,420. “Crossovers are booming, with sales of Nissan crossovers up more than 25 percent so far in 2014,” Fred Diaz, Nissan’s U.S. marketing chief, said in the statement.
ADRs of Volkswagen AG (OTCMKTS:VLKAY), Europe's largest automaker, added 0.6 percent to $51.09. The German company said its VW brand sales, excluding Audi, fell 2.6 percent in March to 36,717 cars and light trucks. While its Jetta sedan deliveries rose 6.3 percent to 13,687, sales of its Tiguan small SUV plunged 30 percent to 2,315.
Mitsubishi Motors Corp (OTCMKTS:MMTOF) had its best sales month since August 2008. Its March U.S. sales rose 70 percent to 8,996 vehicles.
Reported by Proactive Investors 8 hours ago.